Left: a person wears a denim vest with matching denim jacket and denim jeans. Right: a close up of the back pockets on a person's Levi's® jeans.

Top Takeaways From Our Second Quarter 2024 Earnings


Levi Strauss & Co.
June 26, 2024

Today, Levi Strauss & Co. announced financial results for our second quarter 2024, with net revenues of $1.4 billion up 8% on a reported basis and up 9% on a constant-currency basis versus Q2 2023. Our direct-to-consumer (DTC) net revenues increased 8% on a reported basis and 11% on a constant-currency basis, with growth reflecting a 12% increase in the U.S. and a 7% increase in Europe.

“We delivered another strong quarter driven by the Levi’s® brand’s prominence at the center of culture, a robust pipeline of newness and innovation, and continued momentum in our global direct-to-consumer channel. Our amplified focus on women’s and denim lifestyle is delivering outsized growth and driving meaningful market share gains,” said Michelle Gass, president and CEO of Levi Strauss & Co. “Our transformational pivot to operating as a DTC-first company is yielding positive results around the world, giving me great confidence that we will achieve accelerated, profitable growth for the rest of the year and beyond.”

Check out more key highlights from our latest results below. For full results, see the press release.

An infographic titled "Levi Strauss & Co. Q2 2024 Earnings at a glance" depicting LS&Co. Q2 2024 financial results. Top section reads "'We delivered another strong quarter driven by the Levi’s® brand’s prominence at the center of culture, a robust pipeline of newness and innovation, and continued momentum in our global direct-to-consumer channel. Our amplified focus on women’s and denim lifestyle is delivering outsized growth and driving meaningful market share gains. Our transformational pivot to operating as a DTC-first company is yielding positive results around the world, giving me great confidence that we will achieve accelerated, profitable growth for the rest of the year and beyond.' - Michelle Gass, President and CEO, LS&Co." Middle section reads "Q2 2024 Financial Overview. $1.4B net revenues. 60.5% gross margin. 6.0% adjusted ebit margin. $0.16 adjusted diluted EPS. $65M shareholder returns." Bottom section is titled "Our strategic areas of focus." First column reads "Leading with our brand. Women's business. #1 Denim Bottoms. Global Levi’s® women’s business delivered 22% growth in DTC in Q2, and Levi’s® now ranking #1 in women’s denim bottoms in the U.S. Straight, Loose and Wide-leg Fits. +21%. Comprising more than 50% of our overall bottom assortment today, loose bottoms grew 21% across channels in Q2. 501® in DTC +16%. Our original icon, the 501®, continues to deliver impressive growth, up 16% in DTC in Q2. tops business + 20%. Tops were up 20% in our DTC channel for Q2, with even stronger growth in women’s tops, driven by our elevated essential offerings in woven tops and non-graphic tees." Second column reads "Direct-to-consumer first. Global DTC + 11% Growth. DTC continued to grow rapidly, up 11%, on top of 14% growth in the prior year. U.S. DTC was up 12% led by our mainline stores. AURs in mainline were up low-single digits as consumers gravitate towards full price, premium products. E-commerce + 19% E-commerce grew by 19% this quarter, led by double-digit growth in the U.S. where we are seeing strong full price sell through and strength in women’s, now comprising more than 50% of the business in this channel. Loyalty Program 36M We drove meaningful growth in our loyalty program, acquiring almost 2 million members in Q2, with 36 million members globally." Third column reads "Powering the Portfolio. International business +LSD Our Q2 international business grew low-single digits reflecting 6% growth in Asia, on top of 27% growth in the prior year. Beyond Yoga® +13%. Beyond Yoga® was up 13%, an acceleration to Q1, driven by strength in wholesale and e-commerce. Dockers® -1%. Dockers® was down 1% on an adjusted basis. Profit exceeded prior year led by gross margin expansion and disciplined expense management, and inventories are significantly below prior year, down 16%." The bottom of the infographic reads "See our full financial results, including non-GAAP definitions and reconciliations, at investors.levistrauss.com"